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An economy is in long-run macroeconomic equilibrium with an unemployment rate of 5% when the government passes a law requiring the central bank to use monetary policy to lower the unemployment rate to 3% and keep it there. How could the central bank achieve this goal in the short run? What would happen in the long run? a. To achieve the goal of 3% unemployment, in the short run, the central bank should: a. increase the money supply. b. decrease the money supply. c. do nothing. b. In the long run, the central bank (can, cannot) _________ achieve this goal unless it constantly continues to (increase, decrease, maintain) ________ the money supply. c. In the long run, only (the aggregate price level, the interest rate, real GDP, unemployment) ________ will change as a result of the new law.
Determine the total amounts of M1 and M2 based on the following data from July 2010: Currency held by individuals and businesses was $921 billion. Traveler's checks were $7 billion. Checkable deposits owned by individuals and businesses were $813 bil..
Each point along the market demand curve shows
The firm’s production function is Y = min {A/4; 2B} + 5C. Suppose that the price per unit of input A is 2 euros, the price per unit of input B is 6 euros, the price per unit of input C is 30 euros. What is this firm’s minimum cost of producing 40 uni..
Suppose that, for the population of all entering freshmen, the distribution of the number of correct answers would be normal with a variance of 250. what is the probability that sample variance would be less than 100?
What are problems that monopolies can cause, and why is it difficult for the government to control and regulate monopolistic enterprises?
q1. when crude oil price controls were in place illustrate what would have been the welfare implications of a ban on
Explain how entrepreneurial policy makers can incorporate pragmatism practices into their public policy research. Have pragmatism practices changed in the last twenty years?
In this problem, you will be asked to derive the block-pricing scheme that maximizes profit in the case of 2nd-degree price discrimination when a monopolist faces a consumer with high demand PH = 80 − QH, a consumer with low demand PL = 50 − QL, and ..
Assume that a state government currently provides no child-care subsidies to working single parents, but that it now wants to adopt a plan that will encourage labor force participation among single parents. Suppose that child-care costs arc hourly, a..
Assume that b=1/2 and that initially the real interest rate is equal to the marginal product of capital at 3%. As well, assume that v=2 and that the inflation rate last period was 2%. Assume the natural rate of unemployment is 5.5%. How much can we e..
Compute the aggregate demand curve and aggregate supply curve that would maintain the state of economy in less than full-employment level of real GDP.
Total revenue is defined as the product of quantity of an item sold and it price. The price of an item is given by: The total cost incurred is the sum of the fixed costs and operating costs. The latter increases as more items of a product are manufac..
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